Unless you have actually taken social distancing to the point where you are residing in a cavern, it's no doubt that your day is filled with news about COVID-19, joblessness and people disagreeing on when it will be safe to re-open the economy. But here in Colorado, we have our own great news. Coronavirus be damned, Colorado Springs has actually just been ranked the top real estate market in the country.
According to Realtor.com, March searches showed that homes located in Colorado Springs got 2.4 times as numerous deem the national average. Houses in the area usually sold in less than 28 days, which is 32 days quicker than homes in the rest of the nation.
A Resurgence Due to a Strong Economy and Low Home Mortgage Rates
Many cosmopolitan areas have just recently discovered a renewal in their real estate market due to the fact that of a strong economy, low joblessness and low mortgage rates. It is necessary to note that homes in Colorado Springs can cost roughly 46 percent lower than houses in Denver city where the average price is $692,000. Realtor.com's hottest market list tended to be smaller sized cities or those outdoors large, more costly ones.
Will COVID-19 Hinder the Momentum?
When it pertains to Colorado Springs, prices have increased by 6.3 percent and are anticipated to continue to increase by an additional 5 percent within the next year. In order for a housing market to remain great, nevertheless, there requires to be a big inventory of homes in addition to a great task market. Till COVID-19, the Springs had both. However our current pandemic, economic situation and unemployment numbers may prove to hinder this momentum.
With things as they are, we are seeing that some sellers have actually taken their houses off the marketplace. Some house purchasers have actually likewise pulled back to take a wait-and-see technique. At a time when the U.S. Bureau of Labor Data revealed joblessness in Colorado Springs approximately 5.5 percent in March, it's tough to understand how this will impact the real estate market short-term. According to Realtor.com, new listings in the Springs dropped 40 percent in April from the exact same time last year.
Real Estate Professionals Getting Back to Company
In-person real estate showings have actually started to resume. Among the drawbacks of selling a home during the pandemic has actually been the lockdown of provings. It is hard to offer a home to someone who can't see it in person. On the other hand, the need for homes in Colorado Springs is still exceeding inventory. This stays great news for sellers. And home loan rates have stayed low for individuals who are able to qualify in this landscape which is excellent news for purchasers.
We at Front Range Mortgage can View website not forecast house prices or treat the Corona! However we can offer our decades of thoughtful experience to help you and your loved ones enter your next home (or save a package on the one you are in currently)!
If you are in the market for a house or refinance here in Colorado, call or email our regional, Colorado Only Group for a Pain-free, 5-minute conversation to see how we can assist!
As licensed home mortgage professionals in Colorado doing business in Colorado Springs along with Denver, Grand Junction and throughout the state, we would more than happy to discover the home loan that fits your requirements best. Call us at (719) 540-2020 in Colorado Springs or (303) 500-1900 in Denver to see how we can best help.